Yesterday I wrote a positive book review on Timothy Sykes newest project "An American Hedge Fund". As his story is quite amazing, I was interested in interviewing Mr. Sykes to get some of the inside scoop. Thankfully, Timothy has taken some time out of his busy schedule to answer a few questions. If you have questions for Timothy, leave them in the comments and i'll see if I can get him to swing by.
Anyways, without any further delay, below is the interview:
Tell us a little bit about yourself.
I'm a 26-year old startup hedge fund manager who's been blessed by 3 major events:
- Turning my $12k Bar Mitzvah Gift money into $2 million.
- Getting too cocky and losing $700k of that on one stock.
- Starring in the TV show Wall Street Warriors, enabling me a massive audience to teach about all the risks and rewards involved in trading and hedge funds.
Why did you start trading?
To get rich quickly! Actually back in 1999, I was a tennis player who got injured so I couldn't do what I loved and I saw the stock market heating up so I thought I'd give it a try.
What is your favorite stock trading strategy?
Playing the price momentum in Penny Stocks! Surprisingly, it’s much easier than the rest of the stock market—probably as the result of most people staying away from it. Very misunderstood market, a great many of opportunities daily.
What is your favorite stock trading indicator?
Breakouts and breakdowns. I like to keep it simple so I buy stocks when they’re breaking out and shot sell them when they breakdown. Sometimes simple isn’t so stupid.
How do you trade today's volatile markets?
Today’s markets aren’t very volatile, people are just made to think that way by all the media looking to influence people into needing constant information. What’s the S&P up this year, 5%? Boooooring. People have been brainwashed all in the name of content.
If you were to start all over again, would you do anything differently?
I’d never get involved with a long-term investment, I wouldn’t risk so much every time, I’d focus more on learning various strategies much earlier in my career, I wouldn’t jokingly talk down to my mom on national TV, and I wouldn’t have spent so much money on trying to attract capital to my fund.
What advice would you give to traders just starting out looking to make a living from trading?
Be cynical, trust nobody, bet small, takes your losses quickly, read all 300 of the finance books listed on my website at www.timothysykes.com
What do you currently do full time?
Running my fund and nurturing my budding career in financial journalism
Why did you decide to write a book?
Thanks to the 700+ airing of my TV show, I was getting 50-100 emails/day asking me all sorts of questions that the show didn’t cover—I got tired of responding to each person individually so this book is everything I’ve been through and what I believe in. Also, I see many BS finance books that are sugarcoated—I definitely didn’t want to fall into that category so I was painstakingly honest. I come off somewhat flawed, but maybe I am and maybe people can learn from that. Getting rich isn’t easy—it sucks your life away because you have to put more hours into this than you ever imagined being capable of—people have to understand that and I hope I can show them that.
Thanks Timothy for taking the time to be interviewed! I look forward to following your career.
I've Completed My Million Dollar Journey. Let Me Guide You Through Yours!
Sign up below to get a copy of our free eBook: Can I Retire Yet?